PLM, or Product Life Cycle Management, can be defined as a business and information technology strategy that addresses managing and maximizing the value of a product throughout its lifecycle. PLM allows businesses to take their products from cradle to grave (i.e., concept to retirement) while providing them with unprecedented advantages in terms of product introductions, time-to-market, product differentiations, and innovations! These business advantages form the basis for consistent top-line growth that is profitable over long term.

Many of the global organizations in various industries have fully embraced PLM as their corporate strategy and are at various stages of its implementation in practice.

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